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Notes Receivable
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Notes Receivable

Note 8. Notes Receivable 

          
   December 31, 
   2021   2020 
Scepter Holdings, Inc. note receivable (a)   –    78,455 
PLC International Investments, Inc. (b)   860,491    – 
TMC Capital, LLC (c)   333,744    – 
Total Notes Receivable  $1,194,235   $78,455 

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(a) Master Revolving Note with Scepter Holdings, Inc. (ticker: BRZL, OTC Markets), which the Company entered into in January 2019 to lend up to $70,000 to the holder. The note accrues interest at a rate of 7% per annum and accrues monthly on the outstanding principal. In August 2021 we converted the note receivable with Scepter into 26,376,882 shares of Scepter common stock pursuant to the terms of the note at $0.0031 per share. On the date of the conversion, the Scepter price per share on OTC Markets was $0.0062 per share, which resulted in a $87,044 gain on the disposition of the note receivable.

 

(b) In December 2021 we sold such 3,309,578 shares of Odyssey common stock in a private transaction for a purchase price of $860,491, reflecting the market price as of such time. Such purchase price was paid in the form of $10,000 cash delivered at signing and a note issued in favor of Vivakor in the amount of $850,491 accruing interest at 3% per annum, with payments due quarterly over a five year term.

 

(c) The Company entered into an Ore Supply Agreement in December 2016 with TMC Capital, LLC, an affiliate of MCW Energy Group Limited, in which the Company had the option to purchase 400,000 tons of oil sands from the supplier. The Company paid the supplier $333,744 at the commencement of the agreement. The parties amended the agreement in December 2021 to return the $333,744 on or before October 1, 2022.